But CBRE indicates that the capital may not be far behind: city officials have noted that 2018 saw the highest number of construction cranes in Victoria’s history.

Also, Toronto-headquartered Colliers International recently found that in the fourth quarter of last year, Victoria’s industrial vacancy rate plunged compared to the same period in 2017, from 2.4 percent to 1.1 percent.

Don’t expect things to get much better in 2019. “Tenants are finding it challenging to secure space and the lack of availability is exerting upward pressure on rents,” Colliers says in its report. “There is no notable new supply in the pipeline, despite existing business parks being virtually at capacity.”